LeEco
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Crunch Report | Hyperloop One Tests Full-Scale Version
Hyperloop One tests a full-scale version, Vizio is suing LeEco for breach of contract, MIT envisions 3D without the glasses and Microsoft has a plan to challenge DeepMind. All this on Crunch Report. Read More
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Vizio files $100M lawsuit against LeEco
Last summer LeEco announced it intended to purchase the U.S.-based TV maker Vizio for $2 billion. The deal fell through in March amid myriad problems surrounding LeEco, including a major cash crunch. Allegedly the deal included a $100 million buyer-termination fee and now Vizio has filed suit in a California court to collect payment. Read More
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LeEco delays payroll until August due to ‘financial constraints’
Some LeEco employees in China will not get paid until August. According to an official statement provided to TechCrunch, Leshi Holdings, LeEco’s holding company has decided to postpone July’s payroll until August 10th. This is at least the third time this year LeEco has delayed paying some of its workers. Right now, it seems only employees in China will not get a paycheck into August. Read More
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Faraday Future is one step closer to the deadpool
Faraday Future might as well pack it up and call it a day. The company has reportedly abandoned plans to build a massive factory in the Nevada desert. This facility was going to cost $1 billion to build and employ 13,000 people. This is the second factory the company has announced that would not be built. Read More
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Even a $2.2 billion investment couldn’t solve LeEco’s money problems
LeEco wanted too much too fast, and its overzealousness caught up with it almost immediately. Chairman Jia “YT” Yueting has long acknowledged the company’s cash problems in the wake of its rapid growth, but while PR has tried to backtrack and otherwise spin his statements in the past, new comments this week paint an even bleaker picture of the company’s health. During… Read More
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How not to launch a company in the US — lessons learned from LeEco
After a months-long parade of endless red flags, LeEco’s Stateside woes finally came to a head this week. The company announced that it would be laying off 325 employees in the U.S. alone. And judging from a number of address forwarding emails I’ve received, the company moved swiftly and without much warning. Read More
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LeEco to lay off 325 people in US, focus on Chinese-speaking American households
It’s hard to know where to begin with this mess. It’s only been seven months since LeEco launched in the U.S. with one of the most bizarre press conferences in recent memory, right down to the super weird Michael Bay cameo. Since then, it’s been a constant parade of bad news for the company, cumulating with a conference call today that will lead to around 325 layoffs in the… Read More
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LeEco founder Jia Yueting resigns as CEO of its publicly listed unit Leshi
Chinese tech conglomerate LeEco is reshuffling the executive roster of its publicly traded unit, Leshi Internet Information and Technology Corp., as it continues to struggles with cash flow issues and a bumpy expansion into the U.S. Leshi disclosed in a Shenzhen Stock Exchange filing over the weekend that founder Jia Yueting will leave his role as CEO, but stay on as chairman. Read More
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LeEco pulls the plug on its EcoPass video service as stories of US struggles mount
LeEco’s coming to America tale has been fraught with one bad piece of press after another. The company added to the laundry list this week by announcing that it formally pulled the plug on its EcoPass content package earlier this month. Read More
Latest Crunch Report
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Uber isn’t welcome in Italy anymore | Crunch Report
Netflix reaches 75% of U.S. streaming viewers, LeEco scraps its plan to acquire Vizio, Uber isn’t welcome in Italy anymore and Cadillac is launching an autonomous driving system. All this on Crunch Report. Read More
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LeEco will not acquire TV maker Vizio as planned
Chinese electronics giant LeEco will not acquire U.S.-based TV maker Vizio as announced, the two companies said today. The deal has been hitting roadblocks according to recent reports, and now it’s officially ended as a result of “regulatory headwinds,” according to LeEco. The companies are quick to note that this isn’t the end of the relationship between the two. Read More
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LeEco’s $2 billion acquisition of Vizio has reportedly ‘stalled’
There are more problems for ambitious Chinese tech firm LeEco. Its acquisition of U.S.-based TV maker Vizio, a surprise deal announced last summer, has run into issues, according to media reports in China. Read More
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LeEco said to be trying to sell its Silicon Valley property amid cash woes
According to a new report from Reuters, LeEco is said to be seeking a buyer for the 49-acre swath in Silicon Valley set for the site of its future US headquarters. The Chinese electronics polymath highlighted its plans for EcoCity back in October, during its ambitious stateside debut, but a number of recent financial setbacks may have changed those plans. The report cites anonymous… Read More
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LeEco slashes India headcount but denies it will exit the country
Ambitious Chinese tech firm LeEco is downsizing its presence in India less than six months after founder Jia Yueting warned that the growth of some parts of its business had become unsustainable. The company confirmed to TechCrunch that it has reduced its headcount in the country from over to 350 staff to a total of 80 today. A spokesperson said the size of the team is now “in line… Read More
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LeEco says its acquisition of Vizio remains on track despite FTC charge
Earlier this week smart TV maker Vizio settled an FTC charge for nefariously collecting data from its customers, but that isn’t deterring China’s LeEco from completing a $2 billion acquisition of the company. Back in July 2016, LeEco announced a surprise $2 billion deal to buy Vizio and thus further expand its business empire, which already covers video streaming, mobile phones and… Read More
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Vizio settles for $2.2 million in FTC suit over snooping on consumers’ viewing habits
TV maker Vizio will pay $2.2 million to settle a lawsuit after it was shown that for years the company has been secretly collecting viewing data and selling it to third parties. The penalty may seem light, but the damage to the Vizio brand may be irreparable. Read More
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LeEco’s TVs and smartphones are coming to Best Buy, Amazon and Target December 1
For all the pomp and circumstance surrounding LeEco’s US launch, the company hasn’t exactly made its products easy to get here in the States, largely relying on what it’s deemed “flash sales” – or limited time offers through its own store. Starting today, the LeMall commerce site is open for good here in the States, and on December 1, it will be making… Read More
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Despite recent setbacks, LeEco has big retail ambitions in China
LeEco may have had some high-profile setbacks in recent weeks, with news coming from the company that it had overextended itself financially in some areas, but the Chinese electronics maker and service provider is still doing ambitious things in retail, starting with a new flagship store it opened at its Beijing headquarters earlier this year. We toured the store, and spoke to LeEco VP of… Read More
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LeEco secures $600M in fresh funding as financial issues reportedly halt electric car project
There’s good news and bad news for LeEco, the ambitious Chinese tech company that is working on electric cars, smartphones, smart TVs and more. Read More
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LeEco’s Super Bike isn’t electric, but it sure has a lot of gadgets attached
The LeEco Super Bike may be the perfect analogy for the company that created it. It’s a strange amalgamation that patches together a lot of disparate ideas in a less than elegant way. It’s clearly trying really hard and will no doubt alienate some people with its over-eagerness. Also, weirdly, it’s not electric. That last point was the first thing a rep mentioned to me… Read More
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